Corporate Updates – 23-06-2017


Ministry of Housing & Urban Poverty Alleviation has issued a Clarification regarding Advertisement and Sale in Ongoing Projects by the builders. In order to safeguard the interest of buyers towards ensuring timely completion of projects and also towards ensuring fast track adjudication of disputes, Ministry of Housing & Urban Poverty Alleviation has piloted the Real Estate (Regulation & Development) Act, 2016. Further, Section 3(1) of the Act prohibits advertisement for all projects (ongoing/future) without registration with the Real Estate Regulatory. This provision has come into effect from 01st May, 2017.


SEBI with a view to facilitate turnaround of listed companies in distress which will benefit their shareholders and lenders, the Board has decided to extend the relaxations w.r.t the open offer to the new investors acquiring shares in distressed companies pursuant to restructuring schemes. However, such relaxations shall be subject to certain conditions like approval by the shareholders of the companies by special resolution and lock-in of their shareholding for a minimum period of three years. Further, the Board has also approved the proposal to provide exemption from open offer obligations, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for acquisitions pursuant to resolution plans approved by NCLT under the Insolvency and Bankruptcy Code, 2016. Apart from this Board also discussed the issues relating to Extension of Lock-in-relaxation to Category II Alternative Investment Funds (AIF); Consultation paper on Easing of access norms for investment by FPIs; Offshore Derivative Instruments (ODI); Growth and Development of Equity Derivatives Market in India, in the best interest of the stakeholders.

News from NIRC of ICSI

NIRC is organising a "Workshop on Opportunities for PCS under Goods and Services Tax (GST)" on Saturday, the 24th June, 2017 (Registration starts at 9.00 AM) from 10.00 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 500/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 04.

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